The annual budget has always been central to economic planning in India. In the early years, the focus was on nation building, which gradually shifted to policy reforms as the economy grew. The onset of the 1991 crisis laid the foundation for accelerated economic reform, and with greater participation from the private sector in shaping India’s economy, questions began to be raised about the relevance of the budget. The 2008 financial crisis, however, once again emphasized the role of the state.
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